[RT] Bllomberg: Roubini Predicts U.S. Losses May Reach $3.6 Trillion

[Ben <profitok@xxxxxxxxxxxxx>]

 

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From: Joseph Ehardt

To: TimeandCycles@xxxxxxxxxxxxxxx

Sent: Tuesday, January 20, 2009 8:47 AM

Subject: [TimeandCycles] Bllomberg: Roubini Predicts U.S. Losses May Reach $3.6 Trillion

http://www.bloomberg.com/apps/news?pid=20601087&sid=aS0yBnMR3USk&refer=home

Roubini Predicts U.S. Losses May Reach $3.6 Trillion (Update1)

By Henry Meyer and Ayesha Daya

Jan. 20 (Bloomberg) -- U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is ?effectively insolvent,? said New York University Professor Nouriel Roubini, who predicted last year?s economic crisis.

?I?ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,? Roubini said at a conference in Dubai today. ?If that?s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.?

Losses and writedowns at financial companies worldwide have risen to more than $1 trillion since the U.S. subprime mortgage market collapsed in 2007, according to data compiled by Bloomberg.

<Remainder of story at website>

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